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KUALA LUMPUR: FGV Holdings Bhd
has formally rejected an offer from Tan Sri Syed Mokhtar Albukhary to inject its plantation assets into the company in exchange for new shares.
The tycoon, through his investment vehicle Perspective Lane (M) Sdn Bhd (PLSB), had made the offer to acquire a significant stake in FGV through a letter dated October 12, 2020.
“” The Board of Directors of FGV wishes to announce that this proposal will not proceed due to the unconditional mandatory acquisition of Maybank Investment Bank Bhd on behalf of the Federal Land Development Authority (Felda) to acquire all remaining common shares in FGV that are not in the hands of the Offeror and their persons performing in concert, “the company said at a Bursa Malaysia presentation today.
In a separate presentation today, Felda announced that it has increased its stake in FGV to 73.88% after absorbing more shares on the open market and through direct deals.
Felda is offering to buy minority shareholders in FGV for RM1.30 each. The takeover bid will close on March 15.
PLSB in October last year had expressed its interest in participating in FGV through an injection of plantation assets in FGV, for consideration of shares.
PLSB would potentially become FGV’s largest shareholder once it is completed, FGV said in a Bursa Malaysia filing dated October 15.
FGV had previously said that it would deliberate on the matter and evaluate the proposal.
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